While exploring the huge realm of NFTs, you may often encounter the phrase “blue chip.” Additionally, if you are a collector or investor in NFTs, you should understand what a blue chip NFT is and why they are so valuable.
Moving forward, we will explore the various aspects of a blue chip NFT, while also assessing the potential of the next blue chip NFT: Datingverse.
What are the current blue chip NFTs?
From JPG avatars to Loot programmable assets, from Land to the Metaverse, the NFT sector never fails to be inventive. However, only a small number of them are considered to be “blue chips.” Well, you might wonder: what exactly is a blue chip NFTs?
The term “blue chip” refers to an enterprise seen as a safe investment in the conventional stock market. Traders and speculators in the NFT market are keen to decide which projects will become the industry’s next blue chips.
Every NFT collector wishes he or she could predict which NFT projects would achieve “Blue Chip” status in the future. Blue Chip assets are those whose prices soar above the rest of the market, function independently of typical market movements, and are usually regarded as premier assets.
By and large, when the phrase “blue chip NFT” is used, it refers to a project that will keep a high value far into the future. In other words, it will act in the future similarly to a regular blue chip stock.
Since hundreds of projects have been created since the Spring 2021 NFT boom, and more are being released daily, it is hard to keep track of them all. At least one holder will likely say that this NFT is certain to achieve blue chip status within each project’s discord. Cryptopunks, BAYC, Sandbox, and other behemoths of the NFT world seem to dominate the sector as blue chip NFTs.
A trailblazer in the NFT realm, Crypto Punks is a collection of 10,000 distinct NFTs developed using an algorithm and issued as ERC-721 NFTs on the Ethereum network in 2017. They were first acquired for the expense of gas. Crypto Punks made waves lately when it was revealed that Visa had acquired one of their NFTs for around $150,000 in ETH. Recent sales include a $23.7 million sale of a crypto punk.
Bored Ape Yacht Club
Another astounding NFT success, Bored Ape Yacht Club was founded in 2021 and rapidly grew in popularity. Each of the 10,000 NFTs was produced randomly from 170 different qualities, clothes, expressions, and accessories. The Bored Ape Yacht Club, launched on the Ethereum blockchain, soon gained fame as celebrities like Shaquille O’Neil, Paris Hilton, Eminem, Justin Bieber, and Jimmy Fallon aped the initiative.
Sandbox stands out as one of the more unique NFT series. As it is a metaverse, it is a virtual space. So instead of buying the artwork itself, you are buying your own virtual land on which you can build and improve as you see fit. It also has more investment value from a practical point of view. Moreover, many NFT projects point to going to the sandbox to build space, which also drives his blue chip status.
Similarly to how Bitcoin and Ethereum are the crypto industry’s blue chips, there are blue chips in NFTs. The only issue is that they are prohibitively pricey at the moment, making it difficult for us to endorse them unless you are quite wealthy.
What are the characteristics of blue chip NFTs?
To navigate this complex world of NFTs and distinguish senseless projects from solid initiatives, it is paramount to develop a good ability to detect emerging blue chip NFTs. Here are several characteristics that may help you understand the potential of an NFT project to become a blue chip!
Overall, most NFTs use the standard protocol standard for NFT assets as the ERC-721 and ERC-1155 protocols. Nonetheless, those NFT assets with strong investment qualities commonly use the ERC-721 protocol standard. This aspect refers to the first NFT projects to execute their respective NFT concepts.
In particular, NFT projects are often remembered as pioneers if they are the first to adopt a new protocol. ERC-721A saves gas fees. And in recent times, the ERC-721R protocol was released, allowing minters to return the NFTs minted at cost within a given refund period.
It is paramount to assess the degree to which Royalties on NFT assets are transparent. Royalties may be leveraged by the creators of the NFTs to reinvest back into the community and focus on the initiative’s future, enhancing the strengths of the communities and technical aspects of the project.
When determining the worth of a development team’s work, their ability and track record are critical. Developers who are transparent and involved in a project’s development — even after it has launched — instill confidence in the project’s success.
BAYC and WOW (World of Women) transfer the copyright for each NFT to the possessor, which means they may lawfully use the picture commercially and retain all revenues.
NFTs have progressed well beyond the basic cartoon profiles that exist on the blockchain.
Numerous projects have expanded their use cases and utility features to generate interest and guarantee the project’s existence.
Among the use cases that projects make available to holders are unique airdrops, exclusive apparel, early access to future NFT releases, and invites to real-world events.
Besides, the development of a community around an NFT project is a good sign of the project’s potential. The greater the size and activity of a community, the more favorable the project’s long-term prospects. It is similar to being accepted into a sports team or a collegiate fraternity or sorority. A community may also serve as a utility: for example, some initiatives provide NFT holders exclusive access to a private community.
The many properties of NFTs provide the groundwork for creating a compelling argument for their future. Indeed, the numerous characteristics of NFTs demonstrate how they may harness the capabilities of blockchain to revolutionize asset representation.
Overall, the utility has become one of the most contended subjects in the NFT world, and discussing the many sorts of utility projects available might be a series of blogs in and of itself.
However, we may take a look at some of the most common types of utility projects.
- Yield Tokens — Several projects are proposing a token that will be distributed through airdrop to users who keep their NFTs for an extended period. To earn a yield token, the holder’s NFT may or may not need to be staked in a liquidity pool.
- Token-Gated Apparel — As projects increasingly see themselves as brands, it has become fashionable to sell limited-edition merch only for holders of their NFTs. This is an excellent technique to represent the company and raise global exposure. While NFTs are still relatively obscure, wearing a BAYC or Cool Cat sweater to an NFT event will not go overlooked.
- Gaming Environment- NFT games use a play-to-earn paradigm, which enables players to earn money as they play. In the Metaverse, games have exploded in popularity. While PFP NFTs are attractive, their use is limited to display and nothing more.
- Additional NFTs — One of the most prevalent ways of utility project financing is to provide a second NFT to holders. This offers the original holders an advantage over subsequent collectors and provides them with an NFT to sell for liquidity purposes if necessary.
- Collaborative NFTs — One option to provide a second NFT is via a collaboration with another initiative. Collaborations between initiatives are an effective method of bringing two communities together via cross-promotion.
- IRL (In Real Life) Events — Similar to an event ticket, an NFT might be used as an entrance pass to an event. Since blockchain technology enables simple ownership monitoring, the unique tickets are verifiable and may be used to get access to a variety of exclusive events just by possessing the NFT. This idea is expanded to various sectors, including Discord for exclusive channel access, music platforms for unreleased tracks, and unshared podcasts.
Exploring the Potential of Datingverse
Introducing a unique project in the blockchain realm, Datingverse is a social metaverse dedicated to dating that is built on WEB3 and virtual reality technologies. As an experiment of SocialFi, Datingverse implements a “dating to earn” model, while also enabling fans to develop interactive connections with content producers through the subscription service.
Let’s uncover how Datingverse fulfils essential criteria for a solid NFT project.It is worth mentioning that it is a Genesis NFT, which means he has investment value. As long as one thinks that Datingverse’s project itself is meaningful, one should not miss this Genesis NFT mint.
Datingverse’s Genesis NFT is designed with the theme of Dating Space. And it was used as a template for the decoration of the virtual space.
Overall, the Datingverse is the first Metaverse with a particular scenario, as well as the first NFT that is ready to refund and burn and has been put into a smart contract, according to the developers. It remains to be seen whether these factors will be considered pioneers.
Datingverse’s Genesis NFTs are ERC-721 compliant and come with a price guarantee that not only will they be reimbursed unconditionally within 10 days, but they will also be burnt. After the public auction concludes, mint will credit every ETH acquired to the smart redemption contract.
Furthermore, there is a ten-day redemption period. The redemption price is exactly the same as the mint price, and the smart contract will immediately send the NFT redemption to the black hole address.
Besides, the overall number of $DVC airdrops will stay constant. Following the redemption, each NFT’s airdrops will increase. To guarantee the solidity of these prospects, all of the promises mentioned above are spelt out in the contract.
All royalties generated by Datingverse’s Genesis NFTs will be reinvested in the company’s treasury for future product development and community usage.
In less than two weeks of existence, the Datingverse has accumulated over 30k Twitter followers and a thriving discord community. The numbers continue to rise. In addition, numerous Twitter influencers are separately keeping up with them. This demonstrates their operational capability.
While the Genesis NFT is not a JPG, it does encompass Datingverse’s assets. Currently, Dating is in high demand, as seen by the high liquidity of tokens associated with social habits (including subscriptions, rewards, private interactions, etc.).
In essence, Datingverse is built on these habits, beginning with introducing “dating to earn” a $DVC offering that would provide holders access to future airdrops.
Additionally, the project has a well-defined business model, with adequate money to preserve the Genesis NFT and coin prices.
Detecting a blue chip NFT is one of the most valuable skills one wishes to acquire in this disruptive realm. Considering the innovative potential of Datingverse, this one might emerge as one of those projects that will reign supreme in the NFT market and become the next blue chip NFT project.
The usefulness of an NFT is determined by the response to the critical question, “Okay, but what can this NFT do for me?”